FX Action: USD-CAD has sprung back above 1.3450
FX Action: USD-CAD has sprung back above 1.3450 from yesterday' one-month at 1.3357. The low was seen after the release of above-forecast retail sales data out of Canada, but the losses turned into a buying opportunity as oil prices continued a recent sharp correction and with the release of FOMC minutes wrong-footing some market participants who had been looking for more dovish takeaways. The minutes showed that "many" believe downside risks had abated, and that low inflation was likely "transitory," though "several" worried that low inflation expectations could become anchored. Analysts retain a bullish view of the pairing, anticipating that a worsening U.S.-China trade war will be negative for the Canadian buck and its Dollar-bloc brethren. USD-CAD range highs at 1.3493-1.3521 mark a key resistance zone.